VIB Premium: Company 9

Preview: Company 9 is a South African company that is trading at 6x earnings and 0.5x book value. Free cash flow can be quite lumpy though. This is not a high quality compounder by any means, but I think it’s too cheap to ignore at this price. You would need a broker with access to […]

Scaling back my Japanese investments

I’ve sold some holdings in Japan this week. I’ve updated the premium post with my Japanese basket of stocks yesterday to reflect the changes. The post has also been updated with the most recent financial data about all the companies that are in the basket. This is the first time since 2013, when I started […]

Waxman Industries buys out shareholders at 12% of BV

Most readers of this site have probably seen some examples of unfair treatment of minority shareholders in buyouts. The MBO at Japanese company Uehara Sei Shoji which I wrote about last week is a recent example from my portfolio. Every now and then you come across something that seems extreme though. The buyout price offered […]

VIB Premium: Company 8

Preview: Company 8 is a Hong Kong listed small-cap manufacturer, mainly operating in China. The company has consistent earnings and free cash flow, combined with a cash rich balance sheet. Many Chinese companies look fishy or impossible to asses with any confidence, but I think this company is unusually open in providing information in its […]

Sold Uehara Sei Shoji (TYO:8148)

Last week I sold my shares in Uehara Sei Shoji (TYO:8148). The company announced a management buyout in November and launched a tender offer at ¥5150. In December, the results were announced and if I read the filing correctly, just over 2 million shares were tendered. As a result, the management now owns ~83% of […]